Home Improvement Projects & Ideas

It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Any references to other sources or sites, is delivered “as is” and Sundae makes no representation or endorsement of any kind with respect to the accuracy of such information or its suitability for any particular use. Please seek the advice of an attorney, tax professional and/or financial advisor for guidance to properly evaluate particular investments and/or strategies. David Bromstad, the winner of season one of “HGTV Design Star,” hosted his own show, “Color Splash,” for eight seasons. The series focuses on transforming dull, tired rooms into vibrant, livable spaces.

• You can subtract your current loan balance from the appraised property value to determine how much equity you have in your home.
• Homeowners with enough equity may be able to finance expensive repairs with a cash-out refinance, home equity loan, or home equity line of credit.
• Home equity lines of credit have an initial “draw period” , during which you can withdraw money.
• However, it’s a good idea to weigh closing costs against interest rate savings and the potential increase in value to determine if a cash-out refinance makes sense for you.
• Meanwhile, angle grinders help to alter metal and masonry materials, like tile.

The series occasionally touches on more-serious topics like divorce or a family member’s death. From renovating your kitchen to repairing broken floors, our guide to home improvement has the expert tips and DIY advice you need to upgrade your house. I didn’t get to watch much of this show back in its heyday but now they’re showing reruns on one of my local channels and I make time to watch it whenever I can. The main couple has chemistry, the three sons are very amusing, the neighbor is full of wisdom and advice, the cohost on the show’s show is very practical, and some of the episodes have good morals. Tool Time is the sitcom answer to This Old House but with more hijinks and accidents. This was probably the first time I had heard of Tim Allen, before he was Buzz Lightyear in Toy Story and Mike Baxter in Last Man Standing.

Factors including rising mortgage & interest rates and surging new home prices are driving millennial spending in home improvement activities. During the last two years, homeowners spent more time and money on home improvement projects than ever before. The main reason for this was the coronavirus (COVID-19) pandemic. As social life was restricted during several lockdown periods, people had more time on their hands; time they could spend on a long-postponed project. In fact, “finally having the time for it” was the number one reason for home improvement in the United States.

The exact credit score you’ll need depends on factors like your loan type, how many units the property has and how much cash you’re taking out. Best practices include never charging more than what you can afford and keeping your credit utilization ratio below 30%. Credit card APR rates are some of the highest (around 16% to 24%), and outstanding debt can quickly snowball and plummet your creditworthiness.

Submitting your application does not mean your license is automatically approved. Two business man professional engineer worker at the house building. Samantha is an editor who covers all topics home-related including home improvement and repair. She edited home repair and design content at websites like The Spruce and HomeAdvisor. She also has hosted videos on DIY home tips and solutions and launched multiple home improvement review boards staffed with licensed pros. Information provided on Forbes Home is for educational purposes only.

Is the home improvement market growing?

Homeowners with enough equity may be able to finance expensive repairs with a cash-out refinance, home equity loan, or home equity line of credit. Qualifying borrowers who do not meet the credit or equity requirements should consider more affordable FHA loans tailored for home renovations, like a 203 Rehab Loan or Title I Property Improvement loan. Personal loans meant for home improvement can still be used for other expenses, should the need arise. The same applies to funds acquired through a cash-out refinance, home equity line of credit, or home equity loan. Home improvement loans acquired through federal loan programs are stricter. After meeting eligibility requirements, pre-qualified contractors must make all repairs, and funds must be used for home improvements, as defined and approved by the lender and FHA.

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Having to buy whatever is available in an emergency, and paying financing charges and interest on top, will only drive up the cost of stuff you already don’t want to buy. The single best way to save money around the house is by sticking to a maintenance schedule for as many of your home’s systems as possible. Creating a schedule to keep up with HVAC, plumbing, smoke alarm, landscaping, cleaning, roofing and appliance maintenance tasks or inspections will alert you of when they need repair before the problem gets bigger. Home improvement shall also include insulation installation, home elevation, and the conversion of existing commercial structures into residential or non-commercial property. A little maintenance goes a long way toward keeping your home in tip-top shape and ultimately saving you money on repairs later on. At Walmart, you can find everything you need for home maintenance and improvement, so you can get your to-do list done sooner.

That means $40,000 stays in the home, and you take out $25,000, minus closing costs, in cash. When you opt for a cash-out refinance, you refinance your mortgage for more than you owe and take the difference in cash. The more equity you have built up , the more money you can convert to cash. Refinancing is a low-interest way to get tax-free cash for remodeling your kitchen, finishing your basement or anything you choose. Everyone could pay for home improvements in cash in an ideal world, but repairs are often so expensive that a loan is the only option.